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The 1991–92 FIBA European Cup was the twenty-sixth edition of FIBA's 2nd-tier level European-wide professional club basketball competition.

Participants

Team 1	Agg.Tooltip Aggregate score	Team 2	1st leg	2nd leg
Værløse	178–231	NMKY Helsinki	93–107	85–124
Slavia Sofia	147–181	Panionios	77–83	70–98
KR	152–163	Union SPI	87–89	65–74
VEF Rīga	205–178	Braunschweig	109–99	96–79
Solna	147-154	Pro-Specs EBBC	72–68	75–86
Honvéd	176–150	Lech Poznań	84–69	92–81

Team 1	Agg.Tooltip Aggregate score	Team 2	1st leg	2nd leg
NMKY Helsinki	135–150	Alba Berlin	71–69	64–81
Sparta Praha	171–184	Panionios	87–81	84–103
Union SPI	136–180	Hapoel Galil Elyon	67–87	69–93
VEF Rīga	156–166	Smelt Olimpija	81–89	75–77
Pro-Specs EBBC	169-190	Real Madrid Asegurator	94–94	75–96
Honvéd	157–210	Hapoel Holon	90–99	67–111
Spartak Leningrad	186–153	Porto	109–69	77–84
APOEL	107–217	PAOK	53–111	54–106
Bestmate Akrides	134–151	Sunair Oostende	68–63	66–88
Etzella	140–242	Limoges CSP	68-123	72-119
Tofaş	144-199	Glaxo Verona	77–101	67–98
Universitatea Cluj	196-201	Pau-Orthez	107-101	89–100

Wild card to participate in the European Cup for the Loser clubs* of the 1/16 finals of the 1991–92 FIBA European League.

Team 1	Agg.Tooltip Aggregate score	Team 2	1st leg	2nd leg
Śląsk Wrocław	178 - 186	Maccabi Rishon LeZion	92–85	86–101
KTP	160–208	Limoges CSP	86–110	74–98
Scania Södertälje	152-183	Glaxo Verona	81–88	71–95
Smelt Olimpija	201–174	Vevey	114–86	87–88
Spartak Leningrad	167–174	Sunair Oostende	75–86	92–88
Panionios	222–180	Pezoporikos Larnaca	118–95	104–85
Alba Berlin	181–161	Fenerbahçe	99–83	82–78
Hapoel Galil Elyon	190–170	Hapoel Holon	100–89	90–81
Benfica	175-153	Szolnoki Olajbányász	100–69	75–84

Key to colors
	Top two places in the group advance to semifinals

Seeded teams played games 2 and 3 at home.

Team 1	Agg.Tooltip Aggregate score	Team 2	1st leg	2nd leg	3rd leg
Smelt Olimpija	1–2	PAOK	81–68	61–79	86-104
Glaxo Verona	0–2	Real Madrid Asegurator	71–79	72–74

Team 1	Score	Team 2
Real Madrid Asegurator	65–63	PAOK

1991–92 FIBA European Cup Champions
Real Madrid Asegurator 3rd title